Rice Energy Inc. says 44 million common shares were sold, above the 40 million shares expected. The initial public offering priced at $21 per share, the top of the projected range of $19 to $21 per share.

Rice Energy is offering 30 million shares, while the selling stockholder—NGP Holdings—is offering 14 million shares. The Canonsburg, Pa., company won't receive any proceeds from shares sold by NGP Holdings.

Rice plans to use net proceeds of about $594.5 million to repay debt and fund capital expenses.